By 2024 , Thermal Spray Coatings Market To Grow at a CAGR of 5.9%

Persistence Market Research delivers key insights on the thermal spray coatings
market in its latest report titled “Global Market Study on Thermal Spray Coatings:
Industry Analysis and Forecast, 2016–2024”. Global sales of thermal spray coatings
are estimated to be valued at US$ 7.6 Bn by 2016 end, witnessing a Y-o-Y growth of
5.6% over 2015. North America and Europe are estimated to collectively account for
a market value share of over 50% in the global thermal spray coatings market by
2016 end and are anticipated to remain dominant throughout the forecast period.
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The aerospace and power generation industries are actively focusing on the
development of advanced surface coating processes. The presence of hexavalent
chromium and environmental issues related to it has caused various end-use
industries to look for alternatives. As a result of this, thermal spray coatings have
gained traction as a replacement for hard chromium plating in the aerospace industry.
Revenue generated from sales of thermal spray coatings is expected to increase at a
CAGR of 5.9% over the forecast period. Thermal spray coatings are used in medical
implants as well. Increasing use of titanium and hydroxyapatite coatings in
biomedical implants using thermal spray technology, is expected to drive the growth
of the thermal spray coatings market over the forecast period. However, thermal
spray coating is a line-of-sight coating process, i.e. it covers only the part which is in
a line of the coating system. Moreover, robotic functions and frequent adjustments in
case of complex geometries lead to high cost of thermal spray coatings, which is
expected to inhibit the growth of the market over the forecast period.
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By material type, ceramics segment is expected to continue to dominate the market in
terms of value throughout the forecast period. This segment is also expected to
witness high growth over the forecast period. Metals, alloys, and carbides are
estimated to collectively account for a market value share of over 50% by the end of
2016. On the basis of process type, cold spray segment is expected to expand at
double-digit CAGR in terms of value over the forecast period. This is mainly
attributed to it being suitable for depositing a wide range materials on various types
of substrate materials, especially those that are temperature sensitive.
On the basis of application, aerospace segment is expected to account for a market
value share of 37.4%, valued at US$ 4.7 Bn by 2024 end. Industrial gas turbines
segment is expected to expand at the highest CAGR in terms of value over the
forecast period. Increasing energy requirements across the globe are expected to
increase demand for high-performance engines and turbines. This, in turn, is
projected to fuel demand for thermal spray coatings, as this process provides
excellent coatings and exhibits superior resistance to wearing and corrosion. Hence,
Industrial gas turbines segment is anticipated to be the fastest growing segment
during the forecast period.
Sales of thermal spray coatings in North America is estimated to account for highest
share by the end of 2016. Sales in Asia Pacific is expected to increase at the highest
CAGR over the forecast period.
Key players in the global thermal spray coatings market include Sulzer Ltd., Oerlikon
Group, Praxiar Ltd., Bodycote plc., Abakan Inc., Curtis-Wright Corporation,
Metallisation Ltd., Thermal Spray Technologies Inc., and ASB Industries, Inc. The
thermal spray coatings market has witnessed various merger and acquisition
activities, leading to industry consolidation over the last few years. Most of these
activities were undertaken by market leaders in North America and Europe markets.
Long-term Outlook: The long-term outlook for the global thermal spray coatings
market remains positive, with market value expected to increase at a CAGR of 5.9%
during the forecast period. Cold spray and High-Velocity Oxy-fuel (HVOF) segments
are expected to expand at highest CAGRs over the forecast period.
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